上公司增发股票发行定价.PPT

* * * * Dividend policy Factors influencing dividend policy Theories of dividend policy Dividends as a signal to investors residual theory traditional view irrelevancy theory (a) The need to remain profitable. (b) The law on distributable profits. (c) The government which may impose direct restrictions on the amount of dividends companies can pay. (d) Any dividend restraints that might be imposed by loan agreements. (e) The effect of inflation, and the need to retain some profit within the business just to maintain its operating capability unchanged. (f) The company’s gearing level. (g) The company’s liquidity position. (h) The need to repay debt in the near future. The ease with which the company could raise extra finance from sources other than retained earnings. (j) The signalling effect of dividends to shareholders and the financial markets in general-see below. Dividend policy Factors influencing dividend policy Dividend policy Scrip dividends Advantages of scrip dividends key term: dividend payment takes the form of new shares converts profit and loss reserve into share capital – preserve cash position – tax advantages – expand holding without incurring the transaction cost – do not dilute the share price significantly – decrease gearing, enhance the borrowing capacity Dividend policy Stock splits Share repurchase – split one share into several small shares – cheaper and more marketable Dividend policy Advantages of share repurchase Disadvantages of share repurchase a use for surplus cash increase in earnings per share increase in gearing readjustment of the company’s equity base preventing a takeover can be hard to arrive at a price the company cannot make better use of the funds taxed on a capital gain Dividend policy - summary Young company Mature company 0 / low dividend High dividend  Gearing and capital structure Chapter 14 Contents 1 2 3 Gearing Effect on shareholder wealth Finance for small and medium-sized entities Overview –